NFTs, by now, you’re probably tired of hearing about these things. I won’t blame you. They are everywhere, these NFTs. Pictures of apes in various outfits sold for ridiculous prices. It gives real NFTs; a bad name. But what is a real NFT? Allow me to explain.
NFTs are Non-Fungible Tokens. Uninterchangeable crypto tokens with unique value. Would you believe me; if I told you that we haven’t even seen the closest thing to a real NFT yet?
Widespread crypto adoption is inevitable, but it’s yet to come. Imagine a real-world use for NFTs. Imagine storing a real-estate document, times-stamped on an immutable blockchain. The paper will be more secure and serve as proof than ever. It will serve as a record forever. Meticulous, public record-keeping is what blockchain tech has to offer with NFTs.
This is why we need more Multi-chain NFT Marketplace platforms. Blockchains will multiply in the future, new ones, old ones, and we need a common access point that can touch it all. An NFT marketplace for NFTs minted on any blockchain. And that is why we will look at the cost structure of building the NFT marketplace platform I mentioned above.
What is a Multi-Chain NFT Marketplace?
NFT trading platforms connected to many blockchains are called ” Multi-Chain NFT Marketplace “.
For example, let us consider the most popular NFT Marketplace, OpenSea. OpenSea runs on the Ethereum blockchain via the ERC-721 and ERC-1155 contracts. However, it also runs on the Klaytn, the Metaverse blockchain. And on Polygon and Solana blockchains.
Users can mint any NFT on any of these blockchains for separate fees. By doing this, the market can use all the benefits of these different blockchains via OpenSea. For example, a Gaming company can use OpenSea to mint NFTs on Klaytn: a blockchain that is friendly to Metaverse development. Polygon is a much cheaper alternative compared to Ethereum for minting NFTs. NFTs created on Solana can be moved without fees to Solana-based DeFi exchanges. This multi-utility NFT ecosystem is what makes the Multi-Chain NFT marketplace unique.
In the crypto space, the innovation of blockchain technology is the great attractor. Innovation made the crypto space what it is today. And innovation is what will keep the ball rolling. Now, let’s look at the many types you have at your disposal as an entrepreneur.
Types of Multi-Chain NFT Marketplaces in the Market
Like any technology, blockchain technology; and the NFT marketplace has various types. In the future of the crypto space, nothing complex will run on a single blockchain. Interoperability will make sure of that.
For example, AirNFTs is purely a video NFT Marketplace. Axie marketplace is a dedicated Gaming NFT platform. Likewise, there are specific niches to NFTs, such as metaverse, music, digital art, virtual real estate, and hybrid.
- Digital Art
- Virtual Real Estate
When it comes to NFTs, users are mighty picky. Now, imagine these types of marketplaces hosted on more than one blockchain. Crypto NFT businesses cannot be more functional than this. Specialized NFT Marketplaces are opportunities for entrepreneurs searching for the next Gold Rush.
Benefits of Multi-Chain NFT Marketplace Development
At this point, you might want to know what benefits a multi-chain NFt marketplace has over a regular NFT marketplace. Well, there are quite a few things.
If an NFT platform functions on the Ethereum blockchain, all NFTs will have a price in ETH. In a Multi-Chain NFT marketplace, NFTs can be bought, sold, minted, or traded in multiple crypto coins. Why is this important? Ethereum is costly, while other cryptos are not. If you’re a user, would you rather spend 1500 bucks on an ETH NFT or 30 dollars on an SOL NFT? More options mean more users, which is good for business.
The Crypto market often acts like the stock market. Believe it or not, some blockchain networks can get congested. During high user activity, if blockchain congestion slows the platform down, the business will be affected. And this cannot happen in a Multi-Chain NFT ecosystem. If one blockchain is congested, the platform will still efficiently function on others.
Some blockchains are faster than others. while some blockchains can store more data than others. Some are more scalable. If the different blockchain protocols can interact efficiently, transactions will be faster. And this will give technical credibility to your platform in the industry. Credibility will bring opportunities to expand the business into the Web 3.0, Metaverse, and DApp markets.
Flexible Gas Fees
One of the main benefits is the gas fees. Outside of network fees, you can charge variable prices for each trade. Why? Multiple streams of revenue come with the many blockchains.
One of the problems of blockchain communities is that each blockchain has its native wallet. That’s one too many wallets, in our opinion. NFT marketplaces integrated into multiple blockchain networks will support different wallets due to the in-built smart contracts.
Businesses that enhance the experience of users will succeed. Different wallet connections will most definitely appeal to users. These are the primary reasons to create a Multi-Chain NFT Marketplace. I’m sure there are many more, but I hope this gives a clear idea. Now, let us see,
How to Create a Multi-Chain NFT Marketplace?
Starting an NFT marketplace might seem like an easy idea on the surface, but anything is hardly that easy. Building a viable, mountable operating system that connects the website with a blockchain is a task. Constructing an interface that bridges a website with multiple blockchains is even more so. And this is where you’ll need expert assistance.
And this is also why using a clone script will mitigate many of these problems early on. When it comes to technology, adapting technology and modifying it is much easier than planning, designing, and creating one. For example, OpenSea is a popular NFT marketplace that operates on four blockchains. The OpenSea Clone Script is something a startup can use to launch an NFT platform. It is the ideal way to increase legitimacy during the early stages of the business.
Similarly, Rarible is also a popular hybrid NFT Marketplace that operates on not one but five blockchains. A Rarible Clone Script will come in-built with the operational capacity to interact with all five blockchains. There are many other clone script products on the market, such as Foundation clone script, SuperRare clone script, Enjin clone script, Nifty gateway clone script, etc. These are to name a few. I can assure you that this is the right move for a crypto startup in the NFT space.
Cost to Create Multi-Chain NFT Marketplace like OpenSea or Rarible
Cost is the primary concern of all businesses. Efficient spending with maximum results is the goal. This reality will convince you that a clone script is much cheaper than building a platform from the ground up.
On average, OpenSea or Rarible Clone Script will cost between USD 8K – USD 14K. The price may vary between companies depending on the features and functions of the software. On the other hand, building software from scratch will easily net a cost of over USD 100K and can take up to 18 months, at least.
Finding blockchain developers is challenging because it’s a very specialized skill set. Due to the rarity of such developers, hiring a person to build blockchain-based software will be expensive. If you look at the roadmap of any crypto project, you will see a timeline of at least 18 to 24 months. And more often than not, the timeline of the roadmap will be extended as the project proceeds. A clone script of any NFT marketplace like OpenSea or Rarible will ideally suit a budding crypto business.
Building an NFT marketplace is not an easy task. Making it work is even more so, but it’s worth the trade-off. And that is why you need the best NFT marketplace clone script when getting started. Also, a professional clone script provider to deliver it. So, this is where we come in. Coinsclone is a professional NFT marketplace development company in the blockchain industry. At Coinsclone, we employ a team of programmers, developers, blockchain engineers, and subject matter experts. We strive to build the best white-label NFT marketplace software for businesses at cost-effective prices.